These are mechanically computed values based on a residual income model. They are not a forecast of market prices or a recommendation of any investment action, and do not predict or guarantee future share prices. Per-share values are adjusted to the latest share basis for stock splits. Historical values are computed retrospectively using current guidance-achievement statistics.
| Item | Current | Prior | YoY % |
|---|---|---|---|
| Net Sales | ¥826.49B | ¥749.48B | +10.3% |
| Operating Income | ¥51.18B | ¥75.29B | -32.0% |
| Profit Before Tax | ¥52.10B | ¥71.95B | -27.6% |
| Net Income | ¥37.42B | ¥53.77B | -30.4% |
| Diluted EPS | ¥31.23 | ¥44.59 | -30.0% |
| Item | Current End | Prior End | Change |
|---|---|---|---|
| Total Assets | ¥6.17T | ¥6.05T | +¥113.53B |
| Total Equity | ¥3.90T | ¥3.84T | +¥59.16B |
| Shareholders' Equity | ¥3.90T | ¥3.84T | +¥58.93B |
| Equity Ratio | 63.2% | 63.4% |
| Item | Value |
|---|---|
| Net Profit Margin | 4.5% |
| Item | YoY Change |
|---|---|
| Net Sales YoY Change | +10.3% |
| Operating Income YoY Change | -32.0% |
| Profit Before Tax YoY Change | -27.6% |
| Net Income YoY Change | -30.4% |
| Item | Value |
|---|---|
| Shares Outstanding (incl. Treasury) | 1.23B shares |
| Treasury Stock | 38.54M shares |
| Average Shares Outstanding | 1.20B shares |
| Book Value Per Share | ¥3,264.91 |
| Item | Forecast |
|---|---|
| Net Sales Forecast | ¥3.56T |
| Operating Income Forecast | ¥365.00B |
| Net Income Forecast | ¥280.00B |
| Basic EPS Forecast | ¥234.19 |
| Dividend Per Share Forecast | ¥75.00 |
Fujifilm Holdings’ FY2027 Q1 shows solid top-line momentum but a marked margin contraction, resulting in a mixed quarter overall. Revenue rose 10.3% year over year to ¥8,264.9bn-equivalent (8264.93 hundred million yen). Operating income fell 32.0% YoY to ¥511.8bn-equivalent (511.84 hundred million yen). Operating margin compressed to 6.2% from 10.0% a year ago, a 385 bps decline. Net income decreased 30.4% YoY to ¥374.2bn-equivalent (374.24 hundred million yen). Net margin declined to 4.5% from 7.2% YoY, a 264 bps contraction. The DuPont profile indicates ROE of 1.0% for the quarter, driven by a 4.5% net margin, 0.134x asset turnover, and 1.58x leverage. The tax burden ratio is 0.718 (effective tax rate ~28.2%), consistent with a normalized tax environment. Interest burden stands at 1.018, pointing to minimal net interest drag and small non-operating support to profit before tax. Profit before tax was ¥521.0bn-equivalent, exceeding operating income slightly, reinforcing that core margin compression—rather than financing cost—drove the profit decline. Equity ratio remains strong at 63.2%, underscoring a conservative balance sheet. Total assets increased by ¥1.135tn-equivalent quarter on year (in hundred million yen terms: +1,135), while total equity increased by ¥0.591tn-equivalent (+592). Against the full-year forecast, revenue progress is roughly in line seasonally, but profit progress is well below a typical Q1 run-rate. Management revised guidance, and the quarter’s margin trajectory implies a heavier back-half recovery is required. Overall, the print highlights resilient demand but negative operating leverage and mix/cost pressures that need to normalize for the company to meet full-year targets.
ROE decomposition (DuPont): ROE ≈ Net Profit Margin (4.5%) × Asset Turnover (0.134) × Financial Leverage (1.58x) ≈ 1.0%. The largest change driver versus last year is margin deterioration: operating margin fell from 10.0% to 6.2% and net margin from 7.2% to 4.5%. Business rationale: strong revenue growth was offset by a faster-rising cost base and/or adverse mix, compressing operating profitability; non-operating items were neutral-to-slightly positive (interest burden >1). Sustainability: absent structural pricing resets, the magnitude of margin compression appears partially cyclical or timing-related; recovery depends on mix normalization and operating cost control. Concerning trend: negative operating leverage is evident—profits contracted despite double-digit sales growth—indicating fixed-cost absorption challenges or pricing pressure during the quarter.
Top-line growth of 10.3% YoY indicates firm demand across the portfolio. Profit growth lagged materially due to margin compression, suggesting near-term headwinds in cost absorption or product/geographic mix. With net and operating margins below prior-year levels, revenue quality for the quarter skews toward volume-led rather than price/mix-led performance. Outlook hinges on restoring operating efficiency and passing through costs to stabilize margins. Execution on cost measures and mix upgrade will be the primary lever to re-accelerate profit growth despite healthy revenue.
Equity ratio is 63.2%, signaling a conservative capital structure with ample solvency headroom. Financial leverage in the DuPont framework is 1.58x, consistent with equity-heavy financing. There are no signs from profit composition of interest burden stress; the interest burden ratio (>1) implies slight net financial income. The balance sheet expanded with assets up ~¥113.5bn-equivalent YoY and equity up ~¥59.2bn-equivalent, maintaining a robust capital base.
Total Assets: +1,135 (hundred million yen) YoY (+¥113.5bn) – asset base expansion raises the hurdle for returns, pressuring ROIC amid lower margins. Total Equity: +592 (hundred million yen) YoY (+¥59.2bn) – retained earnings accumulation strengthens solvency and supports dividend capacity.
The interest burden of 1.018 indicates limited reliance on debt to support earnings and no evident financial engineering. The tax burden of 0.718 aligns with a normalized effective tax rate, suggesting earnings are not driven by tax effects. The small positive gap between operating income and profit before tax reflects modest non-operating support rather than core quality concerns.
Full-year guidance implies EPS of ¥234.19 and DPS of ¥75, a payout ratio of ~32%, consistent with sustainable capital returns. The strong equity ratio supports dividend capacity through cycles. With profit progress behind a typical Q1 pace, execution risk exists, but the low payout target provides cushion to maintain the dividend under reasonable downside scenarios.
Business risks include Margin pressure from adverse mix and cost inflation reducing operating leverage, Pricing discipline and cost pass-through execution risk in key product lines, Global macro and FX volatility impacting export competitiveness and input costs, Healthcare and materials demand variability affecting utilization and fixed-cost absorption.
Financial risks include Sub-par quarter ROE (1.0%) increases pressure to deliver back-half margin recovery, Guidance dependence on second-half earnings uplift heightens forecast execution risk.
Key concerns include ⚠️ CAPITAL_EFFICIENCY: ROIC 0.9% (<5%) – Root cause: subdued operating margin relative to an expanding asset base is depressing returns; Context: below typical 7–8% target range seen at diversified Japanese manufacturers and below internal hurdle rates; Impact: raises the bar for capital deployment discipline and implies higher sensitivity of valuation to improvements in profitability and asset turnover..
Key takeaways include Revenue growth robust at +10.3% YoY, but profitability compressed materially, Operating margin fell 385 bps to 6.2%, the central driver of earnings decline, Net margin declined 264 bps to 4.5%, consistent with operating pressure, Interest and tax effects were neutral-to-normal; core operations drove the miss, Equity ratio of 63.2% provides financial resilience, Q1 progress vs full-year is revenue ~23%, operating profit ~14%, net profit ~13%, implying a back-half weighted recovery, Dividend outlook appears covered by guidance with a ~32% payout ratio.
Metrics to watch include Quarterly operating margin trajectory and price/cost spread, Progress vs full-year operating income and net income targets, Asset turnover improvements to lift ROIC/ROE, Non-operating contribution stability (interest/other income effects).
Regarding relative positioning, Financially conservative balance sheet and resilient sales base, but near-term return profile lags peers given weaker margins and low ROIC; performance improvement hinges on restoring operating leverage and asset efficiency.
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